Pershing Square (NYSE:PS – Get Free Report) issued its quarterly earnings results on Monday. The company reported $0.12 earnings per share for the quarter, missing analysts’ consensus estimates of $0.13 by ($0.01), FiscalAI reports. The business had revenue of $56.60 million for the quarter.
Pershing Square Stock Up 1.3%
PS opened at $46.24 on Tuesday. Pershing Square has a 1 year low of $22.01 and a 1 year high of $60.40. The company’s fifty day moving average price is $46.55.
Pershing Square Cuts Dividend
The company also recently disclosed a quarterly dividend, which was paid on Tuesday, October 20th. Investors of record on Monday, October 12th were issued a dividend of $0.1030 per share. This is a negative change from Pershing Square’s previous quarterly dividend of $0.1220. This represents a $0.41 annualized dividend and a dividend yield of 0.9%. The ex-dividend date was Friday, October 9th. Pershing Square’s dividend payout ratio is 292.86%.
Institutional Inflows and Outflows
A number of hedge funds and other institutional investors have recently modified their holdings of the business. NewEdge Advisors LLC bought a new position in shares of Pershing Square in the second quarter valued at approximately $1,702,000. Equitec Proprietary Markets LLC bought a new stake in shares of Pershing Square during the 2nd quarter worth $3,828,000. Proficio Capital Partners LLC bought a new stake in shares of Pershing Square during the 2nd quarter worth $1,459,000. Rivernorth Capital Management LLC acquired a new position in Pershing Square in the 2nd quarter valued at $14,787,000. Finally, Clal Insurance Enterprises Holdings Ltd acquired a new position in Pershing Square in the 2nd quarter valued at $9,858,000.
Analysts Set New Price Targets
A number of analysts recently commented on the stock. Weiss Ratings upgraded shares of Pershing Square from a “sell (d)” rating to a “sell (d+)” rating in a report on Tuesday, August 11th. Wall Street Zen cut shares of Pershing Square from a “hold” rating to a “sell” rating in a report on Sunday, October 11th. UBS Group lifted their price target on shares of Pershing Square from $39.00 to $44.00 and gave the stock a “neutral” rating in a research report on Friday, October 23rd. Bank of America cut Pershing Square from a “neutral” rating to an “underperform” rating and dropped their price target for the company from $54.00 to $38.00 in a report on Tuesday, October 13th. Finally, Citigroup downgraded Pershing Square from a “neutral” rating to a “sell” rating and set a $45.00 price objective for the company. in a research report on Friday, October 9th. One investment analyst has rated the stock with a Buy rating, seven have assigned a Hold rating and four have issued a Sell rating to the stock. According to MarketBeat.com, Pershing Square presently has an average rating of “Reduce” and an average price target of $42.56.
Pershing Square Company Profile
Pershing Square Holdings, Ltd. is an investment holding company that seeks long-term capital appreciation through a concentrated portfolio of investments in publicly traded companies. The company is managed by Pershing Square Capital Management, L.P., an investment management firm that typically takes significant positions in a limited number of businesses and engages with their management teams and boards.
Pershing Square’s investment approach emphasizes fundamental research, long-term ownership and active involvement with portfolio companies.
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